Investing.com – U.S. stocks closed mixed, as investors awaited a raft of key corporate earnings this week including a report from Google’s parent company Alphabet after U.S. markets close.
Investors appeared to keep their powder dry ahead of what is expected to be one of the busiest weeks in the corporate earnings calendar, with 180 S&P 500 companies slated to deliver quarterly performance.
Google’s parent company Alphabet gets the week of earnings underway with a report after the US close on Monday. Alphabet Inc Class A (NASDAQ:GOOGL) closed just shy of its all-time high of $1,008 on Monday suggesting that investors are expecting a solid quarter of earnings.
Analysts expect Alphabet to report revenue of $25.6 billion, up 19 percent from $21.5 billion a year earlier.
On the economic front, investors had to contend with a mixed bag of reports as manufacturing and services data topped expectations while US housing data continued to show weakness.
Markit's manufacturing and services flash surveys both showed the U.S. beating expectations.
In a separate report, the National Association of Realtors said Monday, sales of second-hand homes slid in June to the lowest level since February as tight supply and high prices weighed on housing activity despite strong demand.
Sales of previously-owned homes fell 1.8% in June from the previous month, to an annualized pace of 5.52m units.
The trio of reports come ahead of the Federal Reserve's policy decision on Wednesday amid expectations that the U.S. central bank will keep its benchmark rate unchanged.
Investors, however, are expected to parse the policy statement, and comments from Fed chair Yellen for clues about future monetary policy, after recent economic data pointed to a slowdown in the U.S. economy.
The Dow Jones Industrial Average closed lower at 21,611.78. The S&P 500 closed 0.10% lower while the Nasdaq Composite closed at 9410.81, up 0.36%.
‘Bulls and Bears’ on Wall Street
The top Dow gainers for the session: Caterpillar Inc (NYSE:CAT) up 1.5%, Apple Inc (NASDAQ:AAPL) up 1.2% and The Travelers Companies Inc (NYSE:TRV) up 1%
General Electric Company (NYSE:GE) down 1.9%, Johnson & Johnson (NYSE:JNJ) down 1.7% and Nike Inc (NYSE:NKE), down 1.7%, were among the worst Dow performers of the session.